Terrebonne Parish offers grant for affordable housing

Published: Thursday, November 22, 2012 at 6:01 a.m.

Last Modified: Wednesday, November 21, 2012 at 12:36 a.m.

Terrebonne Parish is offering a $5.7 million incentive for a developer who will build a multi-family rental housing complex for lower-income people in Houma.

Households earning less than 80 percent of the area’s median income could qualify for the homes, which are being subsidized by a Community Development Block Grant.

About 800 people are waiting to apply for affordable rental housing leases, said Darrel Waire, Terrebonne housing and human services director .

“That shows you there is a need out there for affordable housing units,” he said.

Waire said the $5.7 million is a good incentive for a developer.

“If you look at the money we are putting in, and the additional money, there is a lower cost of funds for them,” Waire said. “If a contractor goes through the conventional loan process, their interest rates are going to be higher.”

Each proposal will be evaluated to determine whether it meets the wide range of criteria, which can be found on the Terrebonne Parish website, www.tpcg.org.

Developers must combine the grant money with other sources of revenue such as sponsors or loans, according to the criteria. Sponsors and developers must have previous experience developing similar projects. Applicants must provide evidence of at least two successful multi-family developments. And the location of the housing must be in close proximity to jobs and public transportation.

Waire said the parish is looking for proposals that make rental housing as affordable as possible without limiting quality.

“It’s also better to use facilities that already exist — that just need to be renovated,” he said.

There is no maximum project size but the minimum amount of units is 55.

The New Orleans consulting company GCR Inc. will assist the parish in reviewing proposals.

“It is important to provide workforce housing so you can meet the needs of the community and retain local workforce,” said Rebecca Rothenburg, GCR planning manager.